The board of the 102-year-old Royal Turf Club of Thailand has decided to find fresh funds to build a new horse-racing track in Nong Chok district in Bangkok and to seek a 1.3-billion-baht debt moratorium after its track in Nang Loeng closes next week.
Gen Wattanachai Chaimuanwong, chairman of the club, said the board informed club members at a meeting on Saturday that it had decided to continue operating the horse-racing business after the last race was held last Sunday.
The closure came after the Royal Property Bureau did not renew three contracts for its land and asked the club to hand over the plots next Thursday.
The meeting also named a new board comprising Gen Wattanachai, Gen Chamlong Boonkrapue, Gen Chookiat Tansuwat, Gen Wanchai Nilkiao and Col Dilok Thanapat.
At the meeting, members were told the new board would act temporarily until the club is able to hold races again. Employees will continue to be paid during the transition.
As for its debt of 1.3 billion baht, the new board pledged to repay the money. “We won’t close the club and we won’t run. Running is not a solution,” Gen Wattachai said. (continued below)
He added the board was negotiating with creditors for a debt moratorium until races could be held again.
The board is also in talks with two or three groups of investors interested in co-investing in the new track, tentatively planned in Nong Chok district in eastern Bangkok.
The Royal Turf Club was built in 1916 during the reign of King Rama VI reign to operate a “Thai” horse-racing track, with revenue earmarked for financing the breeding of horses imported from Australia and England.
Previously, the Royal Bangkok Sports Club, built in the previous reign at the request of foreign communities in Siam, was the first to operate Western-style horse racing, along with other sports activities, in 1901. It remains an exclusive membership club until today.
The two horse tracks had since alternately held races on Sundays until the Royal Turf Club closed this year. Betting on races at the two tracks is legal.
The popularity of horse racing has waned over the years, from an audience of 20,000 per race at its peak to 5,000 today. It is estimated a new track of the same standards as that at the Royal Turf Club would require an investment of 20 billion baht.
